Are you not fed up with our media? It feels like they would love armageddon to arrive every day!
My job is obviously tied into the job market and whilst a lot of jobs are disappearing, I feel the media is deciding not to report that so many new jobs are being created too.
The need for digitalisation has accelerated and with it, companies are realigning their organisations with jobs that fit their changing markets and customer demands. Jobs have certainly disappeared in high numbers but we are also seeing our clients reinvesting to create new jobs.
I read an article in Harvard Business Review that provided good research into the US job market. Their unemployment rate rose from 3.5% in February to 14.7% in April but quickly reduced to below 9% as new jobs started to be created. Interestingly more than 6.6 million new jobs were created in July and it has continued on an upward trend since then.
So, the job market is tough and people are losing their jobs, however, the new digital economy is creating opportunities and we should focus on developing a workforce with new skills to align to our new challenges.
My friends have all sent me concerned messages believing that Collingwood must be going through a tough time but it couldn't be further from the truth. In fact, we have never been busier. We are helping our clients globally to transition for the "new normal" and attract new talent that their organisations need going forward.
In the past, the intensity of competition for talent followed the ups and downs of the economic cycle. It’s therefore unsurprising—given the Covid-19 downturn—to hear that a number of thought leaders are concluding that we are back to an employer’s market. But a closer look at the data, as well as our frontline experience of recruiting executives, indicate that the situation is more complex. Assuming that we are in an employer’s market could lead companies to miss out on talent they desperately need to boost their revenues – and help revive the economy. Here is a better way for employers to think about the current job market.